Industry NewsMarkets & Economy

California sales rise as prices fall

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Sales of resale homes in California jumped 56.7 percent year-over-year in August while the median price slipped 40.5 percent, the California Association of Realtors reported today. Nationally, resale home sales and prices dropped about 10 percent year-over-year in August, the National Association of Realtors reported. "Although the month-to-month decline in the median price was the smallest in a year, it's still premature to say that the median price has begun to stabilize," said Leslie Appleton-Young, chief economist for the California association, in a statement. "While sales appear to have turned the corner, the median will experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales. Sales are just one of the variables that must fall into place before we see real improvement in the market," she said. The California trade group's Unsold Inventory Index for s...